Bill > HJR1026

This joint resolution proposes an amendment to the Oklahoma Constitution that modifies property tax benefits for homeowners who are 65 years or older. Specifically, the resolution increases the income threshold for qualifying for a property tax exemption by doubling the amount determined by the U.S. Department of Housing and Urban Development (HUD) as the estimated median income for the county. Under the current provision, homeowners 65 and older can have their property's fair cash value frozen at the level it was when they turned 65, provided their household income remains below a certain threshold. The proposed amendment would allow these homeowners to maintain this tax benefit even if their household income is up to twice the county's median income, as defined by HUD guidelines. The resolution directs the Secretary of State to refer this constitutional amendment to voters for approval or rejection, provides a detailed ballot title explaining the proposed changes, and requires the Chief Clerk of the House of Representatives to file copies of the resolution with the Secretary of State and Attorney General.

http://www.oklegislature.gov/BillInfo.aspx?Bill=hjr1026&Session=2600